§33-8A-3. Use of book-entry systems and clearing corporations.
(a) Notwithstanding any other provision of law, a domestic
insurance company may deposit or arrange for the deposit of
securities held in or purchased for its general account and its
separate accounts in a clearing corporation or the federal reserve
book-entry system. When securities are deposited with a clearing
corporation, certificates representing securities of the same class
of the same issuer may be merged and held in bulk in the name of
the nominee of the clearing corporation with any other securities
deposited with the clearing corporation by any person, regardless
of the ownership of the securities, and certificates representing
securities of small denominations may be merged into one or more
certificates of larger denominations. The records of any custodian
through which an insurance company holds securities in the federal
reserve book-entry system or a clearing corporation shall at all
times show that the securities are held for the insurance company
and for which accounts. Ownership of, and other interests in, the
securities may be transferred by bookkeeping entry on the books of
such clearing corporation or in the federal reserve book-entry
system without, in either case, physical delivery of certificates
representing the securities.

(b) The Commissioner is authorized to promulgate rules
governing the deposit of securities by insurance companies and
custodians with clearing corporations and in the federal reserve
book-entry system.